Jun 10, 2023
ENT 131W - Entrepreneurship/Small Business Management ICredits: 3
Provides overview of small business and what is necessary to start a small business including small business in free enterprise, the entrepreneur, opportunities and trends, business plan, legal aspects, location, financing, organizational planning, and marketing. Assists those who are currently operating a small business. Uses case studies throughout the course. Credit may be earned in only one of the following courses: ENT 131W, GB 131, or MGT 131.
Lecture Hours: 45 Lab Hours: 0
Meets MTA Requirement: None
Outcomes and Objectives
- Explore the characteristics of entrepreneurs and their significance to the economy.
- Define entrepreneurship and explain why the activities of entrepreneurs are important to the economy.
- Explain why entrepreneurship can be viewed as arising out of the intersection of enterprising people and opportunities.
- Describe the three basic means for obtaining knowledge about entrepreneurship - observation, case method, experimentation - and the role of theory in the field of entrepreneurship.
- Understand the cognitive foundations of entrepreneurship: Creativity and opportunity recognition.
- Explain why cognitive processes provide an important foundation for understanding creativity and opportunity recognition.
- Define creativity and explain the role that concepts play in it.
- List several factors that influence creativity.
- Explain the role of access to information and utilization of information in opportunity recognition.
- Describe various ways in which entrepreneurs can be trained to be better at recognizing opportunities.
- Conduct an opportunity analysis.
- Look internally then externally for business ideas.
- Screen business ideas and conduct feasibility study.
- Conduct further investigation using scanning and research techniques.
- Identify the resources entrepreneurs require and learn how to assemble them.
- Explain the difference between human capital and social capital and indicate why the founding team of new ventures should be high in both.
- Explain the basic principles of financial management including balance sheets, income statements, and cash flow statements.
- Explain why it is difficult for entrepreneurs to raise money from external investors and identify specific solutions to this problem.
- Describe the different sources of capital for new ventures.
- Identify the basic elements of a business plan.
- Describe the basic nature of a business plan and explain why entrepreneurs should write one.
- Describe the major sections of a business plan and the type of information they should include.
- Describe the "seven deadly sins" of business plans - errors all entrepreneurs should avoid.
- Explore legal issues, marketing strategies and how to plan for competitive advantage.
- Describe the nature of the founders' agreements and their importance for entrepreneurs.
- Describe the basic forms of intellectual property and explain how it is sometimes protected by factors outside the legal system.
- Describe the process of marketing in a new venture and several marketing techniques that are inexpensive yet can work well for new ventures.
- Define competitive advantage and explain its significance to new ventures.
- Describe how entrepreneurs can prevent others from learning about their business ideas and the barriers they can use to prevent competitors from imitating their ideas.
- Learn how to manage and build a business for lasting success.
- Explore the challenges and strategies associated with growing a new venture.
- Explain how entrepreneurs can select high-performing individuals as employees.
- Describe various ways of enhancing employee motivation and commitment.
- Describe various leadership styles and explain why it is important for entrepreneurs to match their leadership style to the situations they face in their new ventures.
- Understand the importance of exit strategies for entrepreneurs.
- Describe various strategies entrepreneurs can use to transfer ownership of their companies.
- Describe basic methods of valuing a business including balance sheet methods, earnings-based methods, and market methods.
- Describe the basic nature of negotiation and explain the nature of several key bargaining tactics.
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